United Arab Emirates PMI February 2016

United Arab Emirates

PMI in February increases from January's multi-year low

The Emirates NDB Purchasing Managers’ Index (PMI) rose from January’s multi-year low of 52.7 to 53.1 in February. As a result, the PMI remains above the 50-threshold that separates expansion from contraction in the non-oil producing private sector.

In February, the acceleration was due to faster growth in output, new orders and employment. As inflationary pressures remain subdued, firms cut charges to the greatest extent since March 2010 to secure new clients. Emirates NBD analysts added that, “the improvement in the Emirates NBD UAE PMI last month is encouraging, particularly against a backdrop of low oil prices, global growth concerns and a strong USD. However, the rate of growth in the non-oil private sector remains much weaker than a year ago, when the headline PMI registered 58.1. We expect the environment over the coming weeks to remain challenging, with several global factors weighing on sentiment and activity.”

FocusEconomics Consensus Forecast participants expect GDP to expand 2.8% in 2016, which is down 0.1 percentage points over last month’s projection. For 2017, the panel sees the economy increasing 3.3%.

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United Arab Emirates PMI Chart

UAE PMI February 2016 0

Note: Emirates NBD Purchasing Managers’ Index. Readings above 50 indicate an improvement in non-oil business conditions while readings below 50 indicate a deterioration.
Source: Emirates NBD and Markit.

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